X, formerly known as Twitter, has been granted the Rhode Island Currency Transmitter License, enabling the platform to facilitate various cryptocurrency transactions.
The transformation of X under Elon Musk’s leadership has led to speculation about the potential role of Dogecoin (DOGE) as the platform’s native currency.

In a significant development, X, the platform previously known as Twitter, has successfully acquired the Rhode Island Currency Transmitter License, as verified by data disclosed on the Nationwide Multistate Licensing System (NMLS) on August 28. Reported by an Independent Blockchain Researcher and Writer, Collin Brown, through his tweet.

Exciting Update: #Twitter (X) Secures License for Crypto Payments Integration! Brace for potential crypto sending and receiving features reaching millions of global users. Will #Dogecoin (#DOGE) become the native currency? pic.twitter.com/NV9990l95I

— Collin Brown (@CollinBrownBTC) August 29, 2023

This regulatory approval enables the platform to offer an array of cryptocurrency-related services to its extensive user base. The move aligns with Elon Musk’s ongoing efforts to evolve the platform and has sparked discussions within the crypto community regarding the future role of Dogecoin on X.

A Monumental Leap in Cryptocurrency Integration

The Rhode Island Currency Transmitter License is a critical requirement for any entity operating in the United States that wishes to provide cryptocurrency-related services. This includes the ability to store, transfer, and exchange digital assets on behalf of users. Armed with this license, X is poised to become a key player in the cryptocurrency industry.

The License Explained

This Rhode Island license does more than simply enable the transfer and storage of digital assets; it grants X the regulatory clearance to control transactions of virtual currencies on behalf of its users. The scope of the license also covers various other crypto-related service providers such as digital asset exchanges, wallets, and payment processors.

Previous Strides Toward Crypto-Friendliness

Even before this pivotal regulatory approval, X had taken steps to become more receptive to cryptocurrency. The platform previously implemented features like Bitcoin tipping and the ability to set Non-Fungible Tokens (NFTs) as profile pictures. These incremental moves set the stage for Elon Musk’s ambitious vision for X, and this latest license acquisition stands as perhaps the most critical milestone in that journey.

Will Dogecoin Be the Chosen One?

Since Elon Musk took over the platform, various changes have been in motion, and speculation is rife about the role of Dogecoin (DOGE) in this evolving landscape. Although specific details regarding cryptocurrency features have yet to be disclosed, this new license has invigorated discussions among crypto enthusiasts, including a keen interest in the potential for Dogecoin to become the platform’s native currency.

As X continues its transformation into a cryptocurrency-friendly platform, stakeholders and observers alike are keenly watching for the next developments, including any indication of Dogecoin’s future role.

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Filed under: Bitcoin - @ August 30, 2023 11:18 am